BC, data, economy, supply

Vancouver Realtors getting less hungry.

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RFM has posted an updated Vancouver Realtor Hunger Index for April 2015.

The index now stands at 37%.

As RFM says:

he VANCOUVER REALTOR HUNGER INDEX is the percent of realtors who earned no commission income for the stated month. For April 2015 the VRHI was 37%. How does this compare? The 18-year average for April is 41%. At 37%, the 2015 April VRHI was higher than 5 years, the same as one year and lower than 11 years since 1998. Sales outpacing listings? Prices strongly increasing? Consult the DSM-5 for a complete explanation! (The Diagnostic and Statistical Manual of Mental Disorders (DSM-5), published by the American Psychiatric Association, offers a common language and standard criteria for the classification of mental disorders.)

Details and comparison data for 18 years at: http://vancouverpeak.com/showthread.php?tid=64

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Polozi Scheme
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Alberta just voted the way BC should have 2 years ago. BC voters better get their act together in 2017 or this province will be sold out completely to foreign $$ and corporations – with no middle class or families left here.

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3 years 8 months ago
vangrl
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“One real estate agent says recent gang violence in the Lower Mainland may have some overseas investors looking to the island.
They said no matter how much money you have, without security and safety that doesn’t mean anything,” said Lucy Richardson. “The gang violence on the mainland really scares them.”

http://globalnews.ca/news/1982108/foreign-investors-eying-vancouver-island-real-estate-market/

Thank you Surrey!

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3 years 8 months ago
vangrl
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this is interesting…

This listing is in my friends old building, she sold 9 years ago to move to Trail. She just forwarded the link to me. She sold it for $335,000. Same s.f. That building also (according to her) has had 2 special assessments over the last 5 years (around $10,000 an apartment) to modernize & change the cylinder of their elevator and upgrade balconies.

https://www.locatehomes.ca/bc-real-estate-listings/vancouver/mls-V1120709/114-2255-West-5th-Ave-Vancouver-V6K4K1?id=261709985

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3 years 8 months ago
Don Lapre
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CMHC says all is well in Vancouver!!! Leverage up and buy some more real estate everybody!!!

https://www.biv.com/article/2015/4/despite-high-prices-vancouver-housing-market-low-r/

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3 years 8 months ago
southseacompany
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“Australian central bank cuts interest rate to record low 2%”, Financial Times

http://www.ft.com/intl/cms/s/0/56568c30-f2e5-11e4-a979-00144feab7de.html#axzz3ZKfXzH9O

“Australia first joined the easing party in February, joining central banks from Europe to China to India. All have been cutting rates in a bid to foster growth and, in some cases, fuel inflation — in contrast to the US Federal Reserve which is preparing to start boosting rates.”

“Australia is grappling with the end of a long commodities boom, but the central bank has had to tread carefully in order to avoid further fuelling the country’s high house prices.”

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3 years 8 months ago
Tiger
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New Vancouver highrise to have separate ‘poor doors’ for social housing residents

https://www.google.ca/search?q=poor+doors%E2%80%99+for+social+housing+residents&oq=poor+doors%E2%80%99+for+social+housing+residents&aqs=chrome..69i57j69i60&sourceid=chrome&es_sm=122&ie=UTF-8

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3 years 8 months ago
patriotz
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@vangrl: “if foreigners are allowed to buy here they should only be allowed to buy new houses or pre-builds (like Australia), I hate seeing all the Character houses being torn down.” Want to think that one over again? By and large it’s not foreign buyers who are buying the character houses and tearing them down, it’s local contractors who then build new houses and sell them. As I’ve said before, Oz’s “restrictions” on foreign ownership are useless, and it’s pretty clear they are intended to be useless. The way to prevent character buildings from being torn down is to adopt design controls, as Shaughnessy has had for a couple of decades and Gastown/Chinatown have had for longer than that. But any attempt to extend such controls (in CoV and elsewhere) has been opposed by local homeowners who don’t want their… Read more »
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3 years 8 months ago
patriotz
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@3:

$349,000 Est. $1,138 /month
30 yrs – 2.74% – $69,800 down

This is from the listing. At first I thought it was just BS, but it looks to me now like this kind of property is being targeted to 20 somethings who are getting that 20% down from the bank of Mom and Dad.

Note that if a mortgage is not CMHC insured the bank can set any amortization it wants including 30 years.

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3 years 8 months ago
George
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Absolutely amazing to watch Alberta make Canadian political history last night. What are the implications of the election for BC real estate??? BC politics? I think it was on this blog that someone wrote after the last BC election that the reason why the BC Liberals one was because the older homeowner types got scared of the prospect of an NDP government. The fear was that young people would start moving out of the province and move to Alberta in order to escape an NDP government in BC and that this would bring down property values. I don’t know how much that fear played into BC’s last election, but it must have played some part. The Liberals aren’t going to be able to use those scare tactics anymore. Besides, aren’t young people already fleeing the province under the Liberals? If… Read more »
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3 years 8 months ago
George
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Just scanned the comments section on Garth’s blog and there are have already been 2 bullish points made about BC real estate and the Alberta election.

Andrew Woburn #157 says “shell-shocked Albertan retirees” will be fleeing to BC presumably to get away from NDP.

BS #134 says the NDP government in Alberta will be a drag on the national economy, forcing the federal government to lower interest rates to 0%, boosting real estate prices.

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3 years 8 months ago
vangrl
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“Want to think that one over again? By and large it’s not foreign buyers who are buying the character houses and tearing them down, it’s local contractors who then build new houses and sell them.”

not so sure about that Patriotz, a lot of these character houses are bought for land value with the houses torn down, sometimes they sit for years before even being torn down, seriously doubt a developer would have their money tied up for that long.

I’m sure developers buy some properties with houses that are understandably demolished, but I seriously doubt that they’re buying the ones that aren’t just “land value”, and have been “newly renovated”.

But ya if you have proof that it’s local developers that are buying up all these 2-5 million dollar houses on the West Side then I’d love to see it

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3 years 8 months ago
vangrl
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Foreigners have snapped up one third of the units in one of Vancouver’s most talked-about condominium towers, reflecting their preference for downtown properties in major Canadian cities.

http://www.cbc.ca/news/canada/british-columbia/vancouver-house-condominiums-snapped-up-by-foreign-buyers-1.3063073

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3 years 8 months ago
southseacompany
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“Ontario’s booming condo market a risk to Canada’s economy: Fitch”, Globe & Mail http://www.theglobeandmail.com/report-on-business/economy/housing/ontarios-booming-condo-market-a-risk-to-canadas-economy-fitch/article24278664/ “Ontario’s condo boom could prove to be a risk to the country’s economy, Fitch Ratings warns in a new report today.” “The New York-based ratings agency said it considers home prices in Ontario to be 25 per cent too high, slightly above its estimate for Canada’s housing market as a whole, which it warned last year was around 20 per cent overvalued.” “As a large number of units come on line, prices may soften, which could reverberate throughout the Canadian economy,” Fitch director Stefan Hilts wrote.” “Canada’s housing market is arguably one of the most closely watched by global observers. Last month, The Economist magazine pegged Canada among the world’s most overvalued housing markets, saying prices were about 35 per cent too high. The International Monetary… Read more »
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3 years 8 months ago
southseacompany
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“What to expect when the Fed raises interest rates”, Globe & Mail

http://www.theglobeandmail.com/globe-investor/investment-ideas/research-reports/what-to-expect-when-the-fed-raises-interest-rates/article24265626/

“he longer the Fed waits, the greater the risk of asset price bubbles – and subsequent crashes. Years of easy money have inflated asset valuations and encouraged look-alike yield-seeking trades. “

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3 years 8 months ago
Royce McCutcheon
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Came back to see reaction to the Alberta election. @George, another thought: what if a contributing factor to the NDP win was the already-occurring influx of people – young people in particular – from other parts? It’s obviously not the primary factor in a province that was clearly sending a message to a party that had governed for 44 years, but that doesn’t mean it’s not having some impact. I did a quick head count last night. Of a friend/family circle of people in their 20s/30s that spanned about 50 people, 3 have moved to Calgary within the last three years, one works from there, and one is actively looking to re-settle there. With house prices there cheaper to begin with and poised to decline further, and with established Lower Mainland family only a short flight away, it’s not a… Read more »
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3 years 8 months ago
space889
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America’s biggest house is back on:

https://ca.news.yahoo.com/photos/photos-america-s-biphotos-america-s-biggest-house-versailles-in-florida-1430261914-slideshow/

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3 years 8 months ago
space889
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@patriotz – I agree with you wholeheartedly on this one. Making foreigner buying only new units means kissing goodbye to all of those ugly 50yr+ bungs in Van West, which in itself is probably a good thing. Those are an eyesore and blight on the landscape. All that will be different is that local non-Chinese developers will likely get squeezed out of the high end home construction market. They will likely be replace by specialized companies that does nothing but buying those old ugly homes (renovated or not), knock it down, and built it to spec according to the Chinese buyer’s tastes while “conforming” to city design codes. So just like how we have mainland only specialized realtors, we will have mainland only specialized construction companies. Not only that, but since the new buyers can’t sell to other immigrants once… Read more »
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3 years 8 months ago
Best place on meth
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Bond yields around the world have been quietly rising ahead of the Feds first move on interest rates.

http://www.bloomberg.com/markets/rates-bonds/

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3 years 8 months ago
Yunak
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@12 Foreigners have snapped up one third of the units in one of Vancouver’s most talked-about condominium towers, reflecting their preference for downtown properties in major Canadian cities. Canada should have copied and followed Chinese model and build those ghost cities exclusively and only for foreign investors, including condominium towers, houses, their schools, shopping malls and car dealerships. There is a plenty of land and Canada could perpetually built those cities as long as they are coming and “investing”. There would be many advantages, kinda win-win situation. Construction business would blossom. Chinese will park/hide/invest their however gotten money. Chinese would have their verbatim cities with signage and culture so no need to learn English and they can keep their places vacant as much as they do at home. And the most important thing Canadian cities would be left to Canadians… Read more »
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3 years 8 months ago
Mortgageslave
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@oversensitiveasians

Suck it up people. No citizens of ANY country actually like to have Asians move there in large numbers. They don’t really mix well and try to make it like their shitty home with horrible food and bad attitudes, manners, ethics etc. This isn’t something new or at all racsist. Its just the facts, get over it!

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3 years 8 months ago
space889
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@oversensitivecaucasians – Suck it up people. Asians are moving and taking over ever higher value jobs in your country. We don’t really want to mix with you lazy bums or to like your shitty home styles with horrible food and bad attitudes, manners, ethics, hypocrisy, etc. This isn’t something new or at all racsist. Its just the facts, get over it!

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3 years 8 months ago
vangrl
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Right now it’s mainland Chinese that are buying houses here and tearing them down. Even the “block sales” are apartment buildings are being sold to Mainland Chinese.

If we had a new-build or pre-build restriction and local developers just started buying all the listings to redevelop & sell to foreigners, then the city should put a 1 million dollar cap on the price they can pay…problem solved.

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3 years 8 months ago
Bear Vancouverite
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@vangrl: “I like your #1,2 & 4, but not #3, only because 1 million doesn’t feel at all like a ‘luxury’ property any more, but rather a low-end house in most parts of Van.” The feeling that $1M properties are not luxury is a matter of perspective being distorted by recent Vancouver prices. $1M is a lot of money, and a property that costs such an amount is a luxury to most people, regardless of how it looks. A luxury tax on $1M+ properties will serve to lower the cost of the units and limit who can afford them by making the cost of purchase higher for everyone. Use that tax money to improve education and stimulate non-resource and non-real estate based industries. actually, the way things are going, all these extra taxes might not do much except inspire people… Read more »
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3 years 8 months ago
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@19

“Canada should have copied and followed Chinese model and build those ghost cities exclusively and only for foreign investors”

Canada should have copied and followed the Chinese model and banned non-residents from buying real estate here.

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3 years 8 months ago
Joe Mainlander
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@#18 Quietly rising. Like a distant thunder… before the rain.

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3 years 8 months ago